More lenient delisting rules

Tens of companies have left the capital market over the last twelve months while others are getting ready to do so by December. Still, the future capital market law might include provisions to allow a company controlled by a shareholder that owns more than 90% to remain listed on the capital market. Moreover, the National Securities Commission might choose to interpret the current law in such a manner that it would say that not even the delisting offers conducted so far had been really mandatory. CNVM is still working on the consolidated capital market law set to replace the entire primary legislation currently in force and comprised of several laws and emergency ordinances, which will be fully compliant with the legislation in the European Union. “The law draft now includes the second part of he European delisting legislation. A company will be possible to delist only if there are not many shareholders left and if there is no liquidity on the market,” Paul Miclaus, CNVM commissioner told Ziarul Financiar. ZF